Central Bank of The United Arab Emirates - UAE FUNDS TRANSFER SYSTEM Technical Notes on Transaction Codes for BOP

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Central Bank of The United Arab Emirates - UAE FUNDS TRANSFER SYSTEM Technical Notes on Transaction Codes for BOP
Central Bank of The United Arab Emirates

       UAE FUNDS TRANSFER SYSTEM
Technical Notes on Transaction Codes for BOP

     Document Code – UAEFTS-AUX700 – 2018-001-01

              Published: November 2018
UAE Funds Transfer System (UAEFTS)
                                                                                Technical Notes on Transaction Codes for BOP
                                                                                                                            Document Code: UAEFTS-AUX700

1.          Table of Contents
1.     Table of Contents .............................................................................................................................. 2

2.     Document Overview ............................................................................................................................ 5

3.     Balance of Payments ........................................................................................................................... 6

     3.1.     Resident and Nonresidents............................................................................................................... 7

       3.1.1.      Residents: ............................................................................................................................. 7

       3.1.2.      Non Residents: ....................................................................................................................... 7

     3.2.     Use of economic sector and economic activity ....................................................................................... 8

4.     Consolidated Table of Scenarios ............................................................................................................. 9

5.     Data Propagation using SWIFT ............................................................................................................... 11

     5.1.     Cross Border Transactions Outbound from UAE [All Currencies] .................................................................. 11

            Option 01 [TAG 77B] ........................................................................................................................ 11

       5.1.1. ............................................................................................................................................ 11

       5.1.2.      Option 02 [TAG 72] ................................................................................................................. 11

       5.1.3.      Option 03 [TAG 70] ................................................................................................................. 11

       5.1.4.      Option 04 [TAG 26T] ............................................................................................................... 12

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UAE Funds Transfer System (UAEFTS)
                                                                             Technical Notes on Transaction Codes for BOP
                                                                                                                       Document Code: UAEFTS-AUX700

     5.2.   Cross Border Transactions Inbound to UAE [All Currencies] ....................................................................... 12

       5.2.1.    Option 01 [TAG 77B]................................................................................................................ 12

       5.2.2.    Option 02 [TAG 72] ................................................................................................................. 13

       5.2.3.    Option 03 [TAG 70] ................................................................................................................. 13

       5.2.1.    Option 04 [TAG 26T] ............................................................................................................... 13

     5.3.   Cross Border Transactions Originating from Outside UAE and Transiting through the UAE [All Currencies] ................ 13

       5.3.1.    Option 01 [TAG 77B]................................................................................................................ 14

       5.3.2.    Option 02 [TAG 72] ................................................................................................................. 14

       5.3.3.    Option 03 [TAG 72] ................................................................................................................. 14

       5.3.4.    Option 04 [TAG 26T] ............................................................................................................... 14

     5.4.   Domestic Transactions [All Currencies except AED USING SWIFT] ................................................................ 15

       5.4.1.    Option 01 [TAG 77B]................................................................................................................ 15

       5.4.2.    Option 02 [TAG 72] ................................................................................................................. 15

       5.4.3.    Option 03 [TAG 70] ................................................................................................................. 15

       5.4.4.    Option 04 [TAG 26T] ............................................................................................................... 16

6.     Request for Purpose of Payment & Response from Ordering Institution. ............................................................. 17

7.     Purpose of Payment Codes ................................................................................................................... 19

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UAE Funds Transfer System (UAEFTS)
                                                                        Technical Notes on Transaction Codes for BOP
                                                                                                                   Document Code: UAEFTS-AUX700

7.1.   Standard Codes ........................................................................................................................... 19

7.2.   Special Codes [for the Domestic Leg when POP code is not available] .......................................................... 25

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UAE Funds Transfer System (UAEFTS)
                                                              Technical Notes on Transaction Codes for BOP
                                                                                                   Document Code: UAEFTS-AUX700

2.   Document Overview
 The document presents the technical aspects around the various codes that can be used for by financial institutions in
 customer-2-customer transactions both in the DOMESTIC and CROSS-BORDER [ALL CURRENCIES] context.

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UAE Funds Transfer System (UAEFTS)
                                                               Technical Notes on Transaction Codes for BOP
                                                                                                    Document Code: UAEFTS-AUX700

3.   Balance of Payments
 Balance of Payments is a statistical statement designed to provide a systematic record of country’s economic transactions
 between residents of UAE with the rest of the world. The statistical statement reports, with the appropriate breakdown,
 international transactions during the period under review. To assist CBUAE in the compilation of the Balance of Payment
 (BOP), information on the transactions of all types of inward as well as outward flows of funds between residents and
 nonresidents routed through banks are to be reported.

 The objective of the balance of payments is to show the main items affecting monetary conditions and exchange markets.
 With the terms international transaction it is meant any transaction that creates or redeems, in full or in part, claims or
 debts, or any transaction that implies the transfer of a right over an object between residents and nonresidents.

 For compilation of BOP statement, the purpose of transaction is a key attribute, banks and exchange houses may take
 strenuous efforts to request information from their customers whether it is individual or company regarding the exact nature
 of the foreign exchange transactions. Accordingly report the same in BOP.

 In general transactions,

 Within the scope are:

     •   transactions between resident and nonresident
     •   cross border transactions
     •   domestic transactions between a resident and a nonresident

 Out of scope are:

     •   transactions between resident and resident
     •   transactions between nonresident and nonresident
     •   domestic (within UAE) transaction between residents
     •   transactions in the Vostro/Loro/Financial institutions (UAE bank is AED correspondent for overseas bank) accounts

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UAE Funds Transfer System (UAEFTS)
                                                                 Technical Notes on Transaction Codes for BOP
                                                                                                      Document Code: UAEFTS-AUX700

3.1. Resident and Nonresidents
 Residents are those individuals and institutions (governmental and non-governmental) that comprise the domestic economy
 of the country. Free zones should be treated as residents.

3.1.1.       Residents:

    •    All UAE nationals living in the UAE on permanent basis.
    •    Foreigners who come to the UAE for work and hold UAE residence visa.
    •    Citizens who are on diplomatic and consular missions abroad or studying or undergoing medical treatment or touring
         abroad.
    •    Federal and Emirate governments and their agencies (UAE embassies, consulates, educational bureaus, trade centers,
         etc.) operating abroad.
    •    All UAE based businesses and industrial enterprises, corporations, financial institutions (including banks) and non-profit
         organizations.
    •    Branches and subsidiaries of foreign institutions located in the UAE.
    •    Agencies of foreign businesses and their industrial enterprises in the UAE.
    •    Staff of international agencies such as UN, their affiliates, etc.

3.1.2.       Non Residents:

    •    Embassies, diplomatic and consular staff of foreign governments residing in the UAE.
    •    All foreign governmental agencies/ institutions (including UN offices) and their staff located in the UAE.
    •    Branches and subsidiaries abroad of resident institutions.
    •    Offices of international agencies such as UN, their affiliates, etc

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UAE Funds Transfer System (UAEFTS)
                                                            Technical Notes on Transaction Codes for BOP
                                                                                                Document Code: UAEFTS-AUX700

3.2. Use of economic sector and economic activity

 The customers (individual or company name as well as a reference identification code) name and economic activity according
 to the latest ISIC international economic activity classification should be written as supplementary information at all
 transactions. This information could be incorporated in the system through the customers’ registry profile. Also, the
 economic sector of each customer according to BPM6-SNA2008 classification is needed.

 The economic sector or the economic activity is only an indication of the nature of any transaction and it should not be
 matched directly or mapped with the codes of balance of payments transactions codification. Regardless the economic
 activity code entries of all kinds of companies could be recorded at the financial account and its related income. For
 example, an insurance company can take a loan from abroad that needs to be recorded as liability/loans and every
 transaction that it makes should not be recorded as insurance services.

 However, information on the economic activity or the economic sector is important and necessary for the classification of
 financial account and primary income account by economic sector and economic activity when reporting the final balance of
 payments account to international organizations as well as for economic analysis purposes.

 Especially for the category of direct investment, for the asset side that is direct investment of residents abroad it is
 necessary to record the economic activity of the direct investment enterprise that is the economic activity of the company
 abroad and for the liability side that is direct investment in the reporting economy the economic activity of resident
 enterprise should be reported.

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UAE Funds Transfer System (UAEFTS)
                                                                             Technical Notes on Transaction Codes for BOP
                                                                                                                            Document Code: UAEFTS-AUX700

4.       Consolidated Table of Scenarios

        Origination   Destination      Source       Destination              Movement       Providing POP   Candidate for BoP
SN                                                                Currency                                                              Go Live Date
         Country       Country      Account Type   Account Type                Type             Code            (Yes/No)
                                                                             Within same
1.         UAE           UAE          Resident     Non Resident   AED/FCY                   Sending Bank          YES                    01/01/2018
                                                                                Bank
                                                                             Within same
2.         UAE           UAE        Non Resident     Resident     AED/FCY                   Sending Bank          YES                    01/01/2018
                                                                                Bank
                                                                              Outgoing
3.         UAE           UAE          Resident     Non Resident     FCY                     Sending Bank          YES                    01/01/2018
                                                                               Swift
                                                                              Outgoing
4.         UAE           UAE        Non Resident     Resident       FCY                     Sending Bank          YES                    01/01/2018
                                                                               Swift
                                                                              CB Portal /
5.         UAE        Outside UAE     Resident         ANY          AED                     Sending Bank          YES                    01/01/2018
                                                                                Swift
                                                                              CB Portal /
6.         UAE        Outside UAE   Non Resident       ANY          AED                     Sending Bank           NO                        n/a
                                                                                Swift
                                                                              Outgoing
7.         UAE        Outside UAE     Resident         ANY          FCY                     Sending Bank          YES                    01/01/2018
                                                                               Swift
                                                                              Outgoing
8.         UAE        Outside UAE   Non Resident       ANY          FCY                     Sending Bank           NO                        n/a
                                                                               Swift
                                                                              Incoming        Receiving
9.      Outside UAE      UAE            ANY        Non Resident     AED                                            NO                        n/a
                                                                                Swift           Bank
                                                                              Incoming        Receiving                         6 months post the month of the
10.     Outside UAE      UAE            ANY          Resident       AED                                           YES
                                                                                Swift           Bank                             SWIFT broadcast from CBUAE.
                                                                              Incoming        Receiving
11.     Outside UAE      UAE            ANY        Non Resident     FCY                                            NO                        n/a
                                                                                Swift           Bank
                                                                              Incoming        Receiving                         6 months post the month of the
12.     Outside UAE      UAE            ANY          Resident       FCY                                           YES
                                                                                Swift           Bank                             SWIFT broadcast from CBUAE.

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UAE Funds Transfer System (UAEFTS)
                                                                             Technical Notes on Transaction Codes for BOP
                                                                                                                        Document Code: UAEFTS-AUX700

        Origination   Destination      Source       Destination              Movement   Providing POP   Candidate for BoP
SN                                                                Currency                                                        Go Live Date
         Country       Country      Account Type   Account Type                Type         Code            (Yes/No)
13.     Outside UAE   Outside UAE       ANY            ANY        AED/FCY       ∞            ∞                 NO                     n/a
14.     Outside UAE   Outside UAE       ANY            ANY        AED/FCY       ∞            ∞                 NO                     n/a

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UAE Funds Transfer System (UAEFTS)
                                                      Technical Notes on Transaction Codes for BOP
                                                                                  Document Code: UAEFTS-AUX700

5.    Data Propagation using SWIFT
 The TAG 77B will be used for propagating the data.
5.1. Cross Border Transactions Outbound from UAE [All Currencies]

 5.1.1.    Option 01 [TAG 77B]
   Line                                                                  Sample
                              Template
  Number                                              12345678901234567890123456789012345
     01     /8a/2!a//3a/[Additional Narrative]        /ORDERRES/AE//???/XXXXXXXXXXXXXXXXX
     02            //[Additional Narrative]           //XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
     03            //[Additional Narrative]           //XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

 5.1.2.    Option 02 [TAG 72]
   Line                                                                  Sample
                              Template
  Number                                              12345678901234567890123456789012345
     ANY    /8a/2!a//3a/[Additional Narrative]        /ORDERRES/AE//???/XXXXXXXXXXXXXXXXX

 5.1.3.    Option 03 [TAG 70]
  Line
                              Template                                   Sample
 Number
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UAE Funds Transfer System (UAEFTS)
                                                  Technical Notes on Transaction Codes for BOP
                                                                                   Document Code: UAEFTS-AUX700

                                                   12345678901234567890123456789012345
  ANY       /8a/2!a//3a/[Additional Narrative]     /ORDERRES/AE//???/XXXXXXXXXXXXXXXXX

5.1.4.     Option 04 [TAG 26T]
                                                                 Sample
                    Template
                                                                 123
                       3a                                        ???

5.2. Cross Border Transactions Inbound to UAE [All Currencies]

5.2.1.     Option 01 [TAG 77B]
  Line                                                                    Sample
                               Template
 Number                                            12345678901234567890123456789012345
   01       /8a/2!a//3a/[Additional Narrative]     /BENEFRES/AE//???/XXXXXXXXXXXXXXXXX
   02              //[Additional Narrative]        //XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
   03              //[Additional Narrative]        //XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

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UAE Funds Transfer System (UAEFTS)
                                                   Technical Notes on Transaction Codes for BOP
                                                                                   Document Code: UAEFTS-AUX700

 5.2.2.     Option 02 [TAG 72]
   Line                                                                   Sample
                                Template
  Number                                           12345678901234567890123456789012345
    ANY      /8a/2!a//3a/[Additional Narrative]    /BENEFRES/AE//???/XXXXXXXXXXXXXXXXX

 5.2.3.     Option 03 [TAG 70]
   Line                                                                   Sample
                                Template
  Number                                           12345678901234567890123456789012345
    ANY      /8a/2!a//3a/[Additional Narrative]    /BENEFRES/AE//???/XXXXXXXXXXXXXXXXX

 5.2.1.     Option 04 [TAG 26T]
                                                                 Sample
                     Template
                                                                  123
                        3a                                        ???

 5.3. Cross Border Transactions Originating from Outside UAE and Transiting through the UAE [All
Currencies]

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UAE Funds Transfer System (UAEFTS)
                                                Technical Notes on Transaction Codes for BOP
                                                                              Document Code: UAEFTS-AUX700

5.3.1.    Option 01 [TAG 77B]
  Line                                                               Sample
                              Template
 Number                                         12345678901234567890123456789012345
   01      /8a/2!a//3a/[Additional Narrative]              /BENEFRES/AE//CBP

5.3.2.    Option 02 [TAG 72]
  Line                                                               Sample
                              Template
 Number                                         12345678901234567890123456789012345
  ANY      /8a/2!a//3a/[Additional Narrative]              /BENEFRES/AE//CBP

5.3.3.    Option 03 [TAG 72]
  Line                                                               Sample
                              Template
 Number                                         12345678901234567890123456789012345
  ANY      /8a/2!a//3a/[Additional Narrative]              /BENEFRES/AE//CBP

5.3.4.    Option 04 [TAG 26T]
                                                            Sample
                   Template
                                                            123
                      3a                                    CBP

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UAE Funds Transfer System (UAEFTS)
                                                 Technical Notes on Transaction Codes for BOP
                                                                                  Document Code: UAEFTS-AUX700

5.4. Domestic Transactions [All Currencies except AED USING SWIFT]

5.4.1.     Option 01 [TAG 77B]
  Line                                                                   Sample
                              Template
 Number                                          12345678901234567890123456789012345
   01       /8a/2!a//3a/[Additional Narrative]   /ORDERRES/AE//???/XXXXXXXXXXXXXXXXX
   02              //[Additional Narrative]      //XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
   03              //[Additional Narrative]      //XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

5.4.2.     Option 02 [TAG 72]
  Line                                                                   Sample
                              Template
 Number                                          12345678901234567890123456789012345
   ANY      /8a/2!a//3a/[Additional Narrative]   /ORDERRES/AE//???/XXXXXXXXXXXXXXXXX

5.4.3.     Option 03 [TAG 70]
  Line                                                                   Sample
                              Template
 Number                                          12345678901234567890123456789012345

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UAE Funds Transfer System (UAEFTS)
                                                Technical Notes on Transaction Codes for BOP
                                                                          Document Code: UAEFTS-AUX700

  ANY      /8a/2!a//3a/[Additional Narrative]   /ORDERRES/AE//???/XXXXXXXXXXXXXXXXX

5.4.4.    Option 04 [TAG 26T]
                                                            Sample
                   Template
                                                            123
                      3a                                    ???

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UAE Funds Transfer System (UAEFTS)
                                                               Technical Notes on Transaction Codes for BOP
                                                                                                    Document Code: UAEFTS-AUX700

6.   Request for Purpose of Payment & Response from Ordering Institution.
 As articulated earlier, the Ordering Institution has the obligation to propagate the purpose of payment code to enable the
 financial institutions in the United Arab Emirates to report to their regulator for Balance of Payment reporting requirements.

 In the absence of the required information in TAG-77B [or equivalent], the FI in UAE, if the credit is due to an account
 domiciled in the books of an FI in the UAE shall raise a M?195 to the Ordering Institution.

 In the absence of a specific code for this purpose, the following will be propagated in TAG 75 in M?195.

                  TAG LINE Details
                  75 01 :75:/99/…
                      02 //PAYMENT HAS BEEN EXECUTED
                      03 //FOR REGULATORY REQUIREMENTS
                      04 //REQUEST PURPOSE OF PAYMENT AS
                      05 //REPLACE DOTS WITH PROPER CODE
 As a response, to the extent possible, the Ordering Institution is requested to provide the response in TAG-76 of the M?196
 message.

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UAE Funds Transfer System (UAEFTS)
                                      Technical Notes on Transaction Codes for BOP
                                                                Document Code: UAEFTS-AUX700

                       TAG LINE Details
                       76 01 :76:/99/xxx

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UAE Funds Transfer System (UAEFTS)
                                                              Technical Notes on Transaction Codes for BOP
                                                                                                  Document Code: UAEFTS-AUX700

7.     Purpose of Payment Codes
7.1. Standard Codes
 TTYP TDESC
 ACM    Agency Commissions
 AES    Advance payment against EOS
 AFA    Receipts or payments from personal residents bank account or deposits abroad
 AFL    Receipts or payments from personal non-resident bank account in the UAE
 ALW    Allowance
 ATS    Air transport
 BON    Bonus
 CCP    Corporate Card Payments
 CEA    Equity and investment fund shares for the establishment of new company from residents abroad, equity of merger or
        acquisition of companies abroad from residents and participation to capital increase of related companies abroad
 CEL    Equity and investment fund shares for the establishment of new company in the UAE from non-residents, equity of
        merger or acquisition of companies in the UAE from non-residents and participation to capital increase of related
        companies from non-residents in the UAE
 CHC    Charitable Contributions (Charity and Aid)
 CIN    Commercial Investments
 COM    Commission
 COP    Compensation
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UAE Funds Transfer System (UAEFTS)
                                                             Technical Notes on Transaction Codes for BOP
                                                                                                   Document Code: UAEFTS-AUX700

TTYP TDESC
CRP   Credit Card Payment
DCP   Debit Card Payments
DIV   Dividend Payouts From FI
DLA   Purchases and sales of foreign debt securities in not related companies - More than a year
DLF   Debt instruments intragroup loans, deposits foreign (above 10% share)
DLL   Purchases and sales of securities issued by residents in not related companies - More than a year
DOE   Dividends on equity not intragroup
DSA   Purchases and sales of foreign debt securities in not related companies - Less than a year
DSF   Debt instruments intragroup foreign securities
DSL   Purchases and sales of securities issued by residents in not related companies - Less than a year
EDU   Educational Support
EMI   Equated Monthly Installments
EOS   End of Service / Final Settlem
FAM   Family Support (Workers' remittances)
FDA   Financial derivatives foreign
FDL   Financial derivatives in the UAE
FIA   Investment fund shares foreign
FIL   Investment fund shares in the UAE

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UAE Funds Transfer System (UAEFTS)
                                                               Technical Notes on Transaction Codes for BOP
                                                                                            Document Code: UAEFTS-AUX700

TTYP TDESC
FIS   Financial services
FSA   Equity other than investment fund shares in not related companies abroad
FSL   Equity other than investment fund shares in not related companies in the UAE
GDE   Goods sold (Exports in fob value)
GDI   Goods bought (Imports in cif value)
GMS   Processing repair and maintenance services on goods
GOS   Government goods and services embassies etc
GRI   Government related income taxes, tariffs, capital transfers, etc.
IFS   Information services
IGD   Dividends intragroup
IGT   INTER GROUP TRANSFER
IID   Interest on debt intragroup
INS   Insurance services
IOD   Income on deposits
IOL   Income on loans
IPC   Charges for the use of intellectual property royalties
IPO   IPO Subscriptions
IRP   INTEREST RATE SWAP PAYMENTS

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UAE Funds Transfer System (UAEFTS)
                                                           Technical Notes on Transaction Codes for BOP
                                                                                            Document Code: UAEFTS-AUX700

TTYP TDESC
IRW   INTERST RATE UNWIND PAYMENTS
ISH   Income on investment funds shares
ISL   Interest on securities more than a year
ISS   Interest on securities less than a year
ITS   Computer services
LAS   Leave Salary
LDL   Debt instruments intragroup loans, deposits in the UAE (above 10% share)
LDS   Debt instruments intragroup securities in the UAE
LEA   Leasing abroad
LEL   Leasing in the UAE
LIP   Loan Interest Payments
LLA   Loans ? Drawings or Repayments on loans extended to nonresidents - Long-term
LLL   Loans - Drawings or Repayments on foreign loans extended to residents - Long-term
LNC   Loan Charges
LND   Loan Disbursements From FI
MCR   Monetary Claim Reimbursements
MWI   MOBILE WALLET CARD CASH-IN
MWO MOBILE WALLET CARD CASH-OUT

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UAE Funds Transfer System (UAEFTS)
                                                              Technical Notes on Transaction Codes for BOP
                                                                                        Document Code: UAEFTS-AUX700

TTYP TDESC
MWP   MOBILE WALLET CARD PAYMENTS
OAT   OWN ACCOUNT TRNSFER
OTS   Other modes of transport (including Postal and courier services)
OVT   Overtime
PEN   Pension
PIN   Personal Investments
PIP   Profits on Islamic products
PMS   Professional and management consulting services
POR   Refunds/Reversals on IPO subscriptions
POS   POS Merchant Settlement
PPA   Purchase of real estate abroad from residents
PPL   Purchase of real estate in the UAE from non-residents
PRP   PROFIT RATE SWAP PAYMENTS
PRR   Profits or rents on real estate
PRS   Personal, cultural, audiovisual and recreational services
PRW   PROFIT RATE UNWIND PAYMENTS
RDA   Reverse debt instruments abroad
RDL   Reverse debt instruments in the UAE

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UAE Funds Transfer System (UAEFTS)
                                                          Technical Notes on Transaction Codes for BOP
                                                                                           Document Code: UAEFTS-AUX700

TTYP TDESC
RDS   Research and development services
REA   Reverse equity share abroad
REL   Reverse equity share in the UAE
RFS   Repos on foreign securities
RLS   Repos on securities issued by residents
RNT   Rent Payments
SAA   Salary Advance
SAL   Salary (Compensation of employees)
SCO   Construction
SLA   Loans ? Drawings or Repayments on loans extended to nonresidents - Short-term
SLL   Loans - Drawings or Repayments on foreign loans extended to residents - Short-term
STR   Travel
STS   Sea transport
SVI   STORED VALUE CARD CASH-IN
SVO   STORED VALUE CARD CASH-OUT
SVP   STORED VALUE CARD PAYMENTS
TCP   Trade credits and advances payable
TCR   Trade credits and advances receivable

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UAE Funds Transfer System (UAEFTS)
                                                              Technical Notes on Transaction Codes for BOP
                                                                                        Document Code: UAEFTS-AUX700

 TTYP TDESC
 TCS   Telecommunication services
 TKT   Tickets
 TOF   Transfer of funds between persons Normal and Juridical
 TTS   Technical, trade-related and other business services
 UFP   Unclaimed Funds Placement
 UTL   Utility Bill Payments
 TAX   TAX Payment
 XAT   TAX Refund

7.2. Special Codes [for the Domestic Leg when POP code is not available]
 TTYP TDESC
 CBP   Cross Border Payments

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